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Crude Oil WTI Feb '28 (CLG28)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Prices Plummet on Speculation Strait of Hormuz Could Soon Reopen

July WTI crude oil (CLN26) on Wednesday closed down -5.89 (-5.66%), and July RBOB gasoline (RBN26) closed down -0.1911 (-5.35%).  Crude oil and gasoline prices plunged on Wednesday, with gasoline falling to a 1.5-week low.  Crude price plummeted on Wednesday after President Trump said the US is in the "final stages" with Iran, bolstering speculation that crude supplies will soon start flowing out of the Strait of Hormuz.  Crude prices remained sharply lower on a mixed weekly EIA inventory report.  

Crude prices sank on Wednesday in hopes that a peace deal to end the US-Iran war is near, which could soon reopen the Strait of Hormuz.  President Trump said on Wednesday that the US is in the "final stages" of talks with Iran.  On Tuesday, Mr. Trump said that Iran is "being reasonable" and that he will "maybe" give them until early next week to make a peace deal.

Also weighing on crude prices is the discussion among NATO members of escorting ships through the Strait of Hormuz... Read more

Contract Specifications

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Contract
Crude Oil West Texas Intermediate
Contract Size
1,000 U.S. barrels (42,000 gallons)
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 8:00a.m. - 1:30p.m.) (Settles 1:30p.m.) CST
Exchange
NYMEX
Point Value
$1,000
Margin/Maintenance
$13,214/12,013
First Notice Date
01/24/28 (613 days)
Expiration Date
01/20/28 (609 days)

Seasonal Chart

Crude Oil WTI Feb '28
Average Price Chart for 5 Prior Feb Contracts

Commitment of Traders Positions as of May 12, 2026

View Chart Details
Commercials - Long / Short
958,509 (+25,067)
1,154,643 (+15,051)
Non-Commercials - Long / Short
371,491 (-10,051)
201,614 (-1,142)
Producers - Long / Short
743,791 (+27,292)
386,384 (+7,386)
Swap Dealers - Long / Short
91,319 (-8,701)
644,860 (+1,189)
Managed Money - Long / Short
187,332 (+1,577)
114,531 (-433)
Other Reportables - Long / Short
184,159 (-11,628)
87,083 (-709)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
69.12 +4.07%
on 04/21/26
74.18 -3.03%
on 05/12/26
+2.29 (+3.29%)
since 04/20/26
3-Month
60.70 +18.50%
on 02/26/26
74.18 -3.03%
on 05/12/26
+10.55 (+17.19%)
since 02/20/26
52-Week
57.22 +25.71%
on 01/07/26
74.18 -3.03%
on 05/12/26
+10.00 (+16.15%)
since 05/20/25

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 74.62
2nd Resistance Point 73.65
1st Resistance Point 72.79
Last Price 71.93s
1st Support Level 70.96
2nd Support Level 69.99
3rd Support Level 69.13

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52-Week High 74.18
Last Price 71.93s
Fibonacci 61.8% 67.70
Fibonacci 50% 65.70
Fibonacci 38.2% 63.70
52-Week Low 57.22

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